Standex International Corporation has acquired the privately held company Regional Mfg. Specialists, Inc., which operates as Agile Magnetics, a provider of high-reliability magnetics, for $39 million in an all-cash transaction.
Announced in October, the acquisition strengthens the presence of Standex Electronics, based in Cincinnati, in the high-reliability magnetics market and brings onboard a new manufacturing capability in the northeast USA. The management team of Agile will be continuing with the company, said Standex officials. Agile posted revenues of about $17.2 million in its most recent year.
The addition of Agile Magnetics is an important step forward in building out the high reliability magnetics business of Standex Electronics, said David Dunbar, chief executive officer of Standex. As a result of this combination, Standex Electronics broadens its exposure to several high-growth end-markets and adds a valuable manufacturing and sales base in the Northeast.
Additionally, we see exciting opportunities to drive sales synergies by offering complementary products from Standexs broader portfolio to Agiles customer base. We have looked at many high reliability magnetics businesses and Agiles deep expertise in custom engineered solutions and strong, collaborative customer relationships makes it an excellent fit for our organization. We welcome Agiles management and team of approximately 80 employees to the Standex family.
The combination of Agile and Standex Electronics will provide expanded capabilities and improve our responsiveness to customer demands, added John Meeks, president of Standex Electronics. Our combined customer base will have access to a deeper bench of global engineering resources while providing the benefits and responsiveness of local manufacturing.
Joining a world-class leader like Standex provides a global presence, deeper pool of resources and the ability to improve our competitive position in a variety of markets, said Agiles CEO James Atwood. Our new broader set of capabilities and technology offerings will enable us to form deeper partnerships, better meet our customers needs and optimize our supply chain.
Founded in 1991, Agile Magnetics is based in Concord, New Hampshire. It provides high-reliability magnetics including transformers, inductors and coils for mission critical applications for blue chip OEMs in semiconductor, military, aerospace, healthcare, industrial and commercial industries.
Standex International is a global, multi-industry manufacturer in five broad business segments including food service equipment, engraving, engineering technologies, electronics and hydraulics.